Article 1
1. The Community shall grant to Estonia, Latvia and Lithuania medium-term loan facilities of a maximum amount of ECU 40 million, 80 million and 100 million respectively in principal, with a maximum duration of seven years, with a view to ensuring sustainable balance-of-payments situations and strengthening the reserve positions. 2. To this end the Commission is empowered to borrow, on behalf of the Community, the necessary ressources that will be placed at the disposal of Estonia, Latvia and Lithuania in the form of loans. 3. These loans will be managed by the Commission in full consultation with the Monetary Committee and in a manner consistent with any Agreements reached between the IMF and Estonia, Latvia and Lithuania.